Rockets CEO Tad Brown made the announcement Monday, hours after owner Leslie Alexander made the decision.

"It's been my great joy and honor to own the Houston Rockets for the past 24 years," Alexander said in a statement. "I've had the incredible opportunity to witness true greatness through the players and coaches who have won championships for the city, been named to All-Star and All-NBA teams, enshrined in the Basketball Hall of Fame, and done so much for our franchise and our fans."